The Chancellor George Osbourne has confirmed changes to the rules regarding Furnished Holiday Lets (FHL) in his 2011 budget. The announcement confirms proposals previously announced, primarily: From 5 April 2011: Losses made on a holiday let can only be offset against income made on that same holiday let. The previous rules stated that losses could be offset against general income. FHL in both the UK and EEA will qualify (this is current practice but not legislation). Losses made in a qualifying FHL business either in the UK or EEA may only be set against income from the same FHL business. From 5 April 2012: A property must be available to let for no less than 210 days a year. The current minimum requirement is 140 days a year. This will disqualify many summer holiday lets that take a six month let in the winter. The property must be let for 105 days in the year. The current minimum letting period is 70 days. There will be a ‘period of grace’ to allow businesses that don’t continue to meet the ‘actually let’ test for 1 or 2 years to elect to continue to qualify throughout that period, providing that there was genuine intention to meet the condition. It is estimated the changes will affect 65,000 tax payers. The major disadvantage for most owners will be the inability to use losses from the FHL against other income. Those owners who will no longer qualify as a FHL under the new minimum letting periods will lose the generous…

Glencraft Aberdeen is a registered charity and social enterprise providing work for blind partially sighted and disabled employees. What does Glencraft sell? The primary focus of the business is the manufacture of beds and mattresses, including both standard and bespoke sizes. The factory manufactures the springs and spring units which form the core of the mattress, this gives the company a unique selling point of being able to produce competitive, good quality, bespoke-sized mattresses to both trade and retail customers within a reasonably short lead time. The produce range currently consists of 16 mattress types ranging from low hazard domestic mattresses to high hazard mattresses sold to trade customers (Crib 5 certification is available). There is also a range of 16 divans to compliment the mattress range. Bespoke capabilities mean that Glencraft can design and manufacture to exact requirements such as recently producing a 8 foot bed and mattress for the Marcliffe in Aberdeen. In addition to the manufacture of mattresses and divans, Glencraft also provides a delivery and removal service. The range of furniture currently being resold is primarily bedroom furniture; however there are plans to expand the product range to encompass other rooms of the house as well as offering a range of lighting, bedding, and household accessories. What makes Glencraft different from its competitors? Locally manufactured products – total supply chain control for materials – we know what is in our mattresses! Quality craftsmanship – made to order, skilfully, carefully and locally Bespoke design/size – as a manufacturer we can adapt to…

Mark Lavington Cert CII – Director of specialist furnished holiday let insurance brokers Boshers Ltd, explains the importance of liability insurance for holiday home owners. “As a responsible holiday home owner you will always ensure that your holiday home is as safe an environment as possible for your guests and employees to frequent. However, it is often the unforeseen that will cause accidents leading to compensation claims which can be substantial. A slippery path, a loose paving slab, weather beaten garden furniture! – Have you inspected yours lately? A comprehensive Holiday Home Insurance policy, such as that arranged by Boshers will provide cover to indemnify you against your legal liability to pay damages and legal costs arising out of claims for bodily injury, death, disease or illness from a third party such as an employee, (i.e. a cleaner, gardener or key holder) and paying guests in connection with the running of your second home as a furnished holiday let. How much Employers Liability Insurance should you have? If you have a contract of service with anyone who helps you maintain your holiday let business, whether spoken, written or implied and you provide them with work materials and equipment, then you may be regarded as their employer, irrespective of their tax status. It is a legal requirement, that you have in place Employer’s Liability Insurance of at least £5m, in practice many insurers provide cover of £10m. How much Public and Products Liability Insurance should you have? Whilst not a compulsory insurance, we would recommend cover…

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